Such a collapse is certainly a plausible scenario, given the lack of intrinsic value and consequent price volatility, the probability of contagion between cryptoassets, the cyber and operational vulnerabilities, and of course, the power of herd behaviour.

Jon Cunliffe

We'd expect the management, the leadership of a large group, to be able to ensure that there is a culture and the operations within that group to manage those sorts of risks, this is certainly something that could be of relevance to us.

The allegations around HSBC raise serious issues around HSBC's conduct, we'd expect the management, the leadership of a large group, to be able to ensure that there is a culture and the operations within that group to manage those sorts of risks.

Regulators internationally and in many jurisdictions have begun the work. It needs to be pursued as a matter of urgency.

But as the financial crisis showed us, you don’t have to account for a large proportion of the financial sector to trigger financial stability problems – sub-prime was valued at around $1.2 trillion in 2008.